Nephila Capital, a specialist insurance-linked securities re/insurer, has secured UK regulatory approval to set up its own Lloyd’s of London managing agency.
Backed by funds managed by Nephila, Nephila’s Syndicate 2357 has been managed by Asta, a third party syndicate manager at Lloyd’s, since its inception in 2013.
Now, after obtaining regulatory nod, the new entity under Nephila Syndicate Management Ltd (NSML) brand will start functioning from 11 October this year.
NSML CEO Adam Beatty said: “We are excited about this new phase in the development of Nephila’s business at Lloyd’s and we’d like to thank Asta for their outstanding contribution in helping us to reach this important milestone.
“From our launch in 2013, to the point where today we are ready for independence, their expertise and experience has been invaluable”.
The syndicate now provides a key platform for Nephila’s funds and the launch of NSML is the natural next step in its strategy for driving future growth.
Asta CEO Julian Tighe said: “There are always mixed emotions when a managed syndicate makes the move to independence.
“We’ve been proud to partner with Nephila on their journey from establishing the first ILS syndicate at Lloyd’s, to the successful launch of their own managing agency. It’s been a pleasure to work with the team at Nephila and we wish them every success in the future”.
Asta Managing Agency operates as a leading third party managing agent at Lloyd’s. The company manages 10 syndicates and two SPAs with capacity under management in 2019 of more than £1.4bn.